Sale of business - Permit not transferable

When the holder of a sales tax permit sells the business to another person, all sales tax for which the holder is liable is due immediately. The holder must immediately notify the tax commissioner and surrender the holder's permit for cancellation. Within fifteen days, the holder must make a final sales tax return and remit all sales tax due. The purchaser of the business must make application for a new permit in the purchaser's own name. If the ownership status of a business which holds a sales tax permit changes from one type of business ownership to another, the new owner must apply for a new permit. When a corporation is sold, or when new corporate officers are added or replaced, the tax commissioner must be notified of these changes although no new sales tax permit is required. A new permit is required if one or more partners enter or leave a partnership.